Loss Assessments Sample Clauses
The Loss Assessments clause defines how costs arising from shared losses, such as property damage or liability claims affecting common areas, are distributed among members of a group, typically in a condominium or homeowners association. This clause outlines the process for calculating each member's share of the total loss and the method and timeline for payment. Its core practical function is to ensure that unexpected or uninsured losses are fairly allocated among all members, preventing financial shortfalls and maintaining the integrity of shared property or resources.
Loss Assessments. If your residence premises includes a building structure which is constructed in common with one or more similar buildings, and you are a member of, and subject to the rules of, an association governing the areas held in common by all building owners as members of the association, the insured premises means the building structure occupied exclusively by your household as a private residence, including the grounds, related structures and private approaches to them. We will pay your share of any special assessments charged against all building owners by the association up to the Limit Of Liability shown on the Policy Declarations, when the assessment is made as a result of:
Loss Assessments. O D C U
a) sudden and accidental direct physical loss to the property held in common by all building owners caused by a loss we cover under Section I of this policy; or
b) bodily injury or property damage covered under Section II of this policy. Any reduction or elimination of payments for losses because of any deductible applying to the insurance coverage of the association of building owners collectively is not covered under this protection. Allstate will pay only when the assessment levied against the insured person, as a result of any one loss, for bodily injury or property damage exceeds $250 and then only for the amount of such excess. This coverage is not subject to any deductible applying to Section I of this policy. In the event of an assessment, this coverage is subject to all the exclusions applicable to Sections I and II of this policy and the Section I and II Conditions, except as otherwise noted. This coverage is excess over any insurance collectible under any policy or policies covering the association of building owners.